NORTH VENICE, Fla., Sept. 07, 2016 (GLOBE NEWSWIRE) -- PGT, Inc. (NASDAQ:PGTI), the nation’s leading manufacturer and supplier of residential impact-resistant windows and doors, announced yesterday the development of a new wholly-owned subsidiary, CGI Commercial, and its acquisition of an established fabricator of storefront window and door products, US Impact Systems (USI).
The transaction, valued at approximately $2 million with an additional $2 million potential in 2 years, should certain conditions be met, is consistent with PGTI’s plan to grow strategically. The transaction closed on August 31, 2016 and is not expected to have any material impact on top line sales or bottom line results in 2016. Additional information about this transaction will be provided during PGTI's third quarter earning’s call.
“USI has done a great job of serving the PGT customers for almost four years while fabricating our existing PGT Storefront commercial products,” commented Brad West, PGTI Chief Financial Officer. “As we position ourselves for growth in the commercial market, this acquisition is a way to further develop our in-house commercial capabilities and control costs in the future. I extend a warm welcome to the USI team as they join the PGTI family.”
ABOUT PGT INCORPORATED:
PGT INC. (NASDAQ:PGTI), headquartered in Venice, Florida, creates products and services which focus on protecting and enhancing the beauty and functionality of homes and businesses. The Company’s trusted brands include PGT Windows & Doors and CGI Windows & Doors. PGT Industries holds a solid market leadership position within its segment and is part of the S&P SmallCap 400 Index. For additional information, visit ir.pgtindustries.com.
ABOUT CGI WINDOWS & DOORS:
CGI was established in 1992 and has consistently built a reputation based on designing and manufacturing quality impact resistant products that meet or exceed the stringent Miami-Dade County impact standards. The Company has over 320 employees at its manufacturing plant in Miami, Florida. Today the Company continues to lead as an innovator in product craftsmanship, strength and style, and its brands are highly recognized and respected by the architectural community. CGI product lines include the Estate Collection, Sentinel by CGI, Estate Entrances, Commercial Series and Targa by CGI. CGI Windows and Doors is a wholly owned subsidiary of PGT, Inc. (NASDAQ:PGTI). For additional information, visit cgiwindows.com.
Forward-looking Statements:
From time to time, we have made or will make forward-looking statements within the meaning of Section 21E of the Exchange Act. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal”, “objective”, “plan”, “expect”, “anticipate”, “intend”, “project”, “believe”, “estimate”, “may”, “could”, or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, results, circumstances or aspirations. Our disclosures in this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission and in oral presentations. Forward-looking statements are based on assumptions and by their nature are subject to risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to:
- Changes in new home starts and home remodeling trends
- The economy in the U.S. generally or in Florida where the substantial portion of our sales are generated
- Raw material prices, especially aluminum
- Transportation costs
- Level of indebtedness
- Dependence on WinGuard and certain other branded product lines
- Integration of acquisition(s)
- Product liability and warranty claims
- Federal and state regulations, and
- Dependence on our manufacturing facilities
Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. Before making any investment decision, you should carefully consider all risks and uncertainties disclosed in all our SEC filings, including our reports on Forms 8-K, 10-Q and 10-K and our registration statements under the Securities Act of 1933, as amended, all of which are accessible on the SEC’s website at www.sec.gov and at http://ir.pgtindustries.com/sec.cfm.